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Midday Tidbits — Looking for Solutions

Richard Berner of Morgan Stanley, in commentary today, notes that monetary policy has so far been ineffective in heading off the economic decline. He posits other ideas that could help. “Not surprisingly, there are no simple remedies. Lifting the GSEs? portfolio caps and gradually reducing capital surcharges will take time and offer limited help. Proposals to aid homeowners directly at lender expense could be counterproductive,” he writes. “Good bank-bad bank ‘carve-outs’ are a good solution, but private capital must be found to finance them.”
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3 March, 2008| Economy | Comments (0) @ 21:30

The Great Car Sales Bust (GM)(F)(TM)

After a tough 2007, it would be hard to believe that a domestic car company could have a 13% drop in January sales. GM (NYSE: GM) did just that. The stock is so low, it dropped only a fraction to $23.20. The shares now change hands for .07x sales. Over at Ford (NYSE: F) the news was only slightly less bad. Sales dropped 7% to 196,681. Truck units dropped 6% and cars 9%. Ford’s shareholders at least had the clarity of thought to sell pushing the shares down over 5% to $6.18. Toyota (TM) sales dropped almost 3% to 182,169….
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3 March, 2008| Economy | Comments (0) @ 21:27

KLA-Tencor Loses CFO (KLAC)

KLA-Tencor Corporation (Nasdaq:KLAC) has announced that Jeffrey Hall, its CFO, will resign effective March 31, 2008. Normally we look further into CFO resignations since they are the final ones who “sign off on the books” but this reasoning has been disclosed as “to pursue an opportunity closer to his mid-western hometown.” The board of directors has also appointed John Kispert, KLA-Tencor’s president and chief operating officer, as the interim chief financial officer, effective March 31, 2008. Kispert will also retain his duties as president and chief operating officer. It also appointed Virendra Kirloskar, its vice president and corporate controller of…
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3 March, 2008| Economy | Comments (0) @ 21:24

The 52-Week Low Club (SCA)(DFR)(TMA)(FMT)

Security Capital Assurance (SCA) Warns of loss and hires investment bank to help out of trouble. Stock drops to $.67 from 52-week high of $34.58. Deerfield Capital (DFR) Big loss on impairment charges. Seels off to $2.75 from 52-week high of $17.44. Thornburg Mortgage (TMA) Chapter 11 worries. Falls to $3.53 from 52-week high of $28.40. Fremont General (FMT) Company may be on the block. S&P ratings cut. Down to $.58 fom 52-week high of $13.80. Stereotaxis (STXS) Quartely loss and delay of catheter product. Runs down to $3.82 from 52-week high of $16.88. Douglas A. McIntyre
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3 March, 2008| Economy | Comments (0) @ 21:19

How Bad Did Saracen Get Crushed By Natural Gas Swings?

More than two weeks ago we mentioned that wild swings in the price of natural gas futures were crushing a Houston-based hedge fund. That fund turned out to be Saracen Energy. The fund supposedly took a short position in March 2009 gas futures and long April 2009, and got crushed between the trades as the prices fluctuated wildly.
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3 March, 2008| Economy | Comments (0) @ 21:11

Indonesian Exports Reach New Record

Trade balance falls thanks to increased imports….
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3 March, 2008| Economy | Comments (0) @ 21:00

Top 10 Most Searched Stocks on TheStreet.com, Mar. 03

addslashes(Top 10 Most Searched Stocks on TheStreet.com, Mar. 03

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3 March, 2008| Economy | Comments (0) @ 20:50

Aussie Retail Sales Disappoint in January

Whilst a current account deficit blowout prompts downward revision to growth forecast….
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3 March, 2008| Economy | Comments (0) @ 20:45

Auto Sales Stick to Decade Low

Odds rise of the first quarterly decline in real spending since 1991….
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3 March, 2008| Economy | Comments (0) @ 20:30

Jim Cramer’s Stop Trading

Petrobras (PBR) was called a buy on Stop Trading today. Latin America is bullish and the oil producer operates in the best environment. Google (GOOG) looks to be moving down, business is slowing and the company is not doing well. Gold stock should be looked at. The dollar is pathetic and gold and natural gas are doing well. Thornburg Mortgage (TMA) CEO Larry Goldstone still has Cramers support here as well.
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3 March, 2008| Economy | Comments (0) @ 20:28

Countrywide, WaMu Continue to Fall

It continues to get worse for Countrywide Financial. Shares are down 2.4% today, and other major mortgage providers, such as Washington Mutual, are hurting amid news of Countrywide’s increasing problems with delinquencies on option adjustable-rate mortgages.
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3 March, 2008| Economy | Comments (0) @ 20:27

Michelle Obama Urges The Poors To Stay That Way By Avoiding College And Corporate America

College isn’t worth it and you should stay out of corporate America, Michelle Obama, the Princeton graduate who went to Harvard Law School before joining the white shoe Chicago law firm Sidley & Austin, told an audience of working mothers at a daycare center in Zanesville, Ohio.

After speaking of the burdens of student loans from her upper-crust education, the wife of Democratic presidential hopeful Barak Obama told the women at the day-care center that she’d prefer they not follow in her upwardly mobile footsteps. Better if they stay in their place, back in “the community.”
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3 March, 2008| Economy | Comments (0) @ 20:25

Anyone at ETech?

Any readers at the big ETech conference this week in San Diego? I’ll be in and out, but it’s always good to meet my readers, who are, of course, nothing if not people doing interesting things.
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3 March, 2008| Economy | Comments (0) @ 19:58

Barron’s Gets Dogs of the Dow!

Barron’s Gets Dogs of the Dow!

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3 March, 2008| Economy | Comments (0) @ 19:56

More on Efficient Markets

People spend more time on buying a toaster than on buying a house.

Of course, they’re really nice toasters….
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3 March, 2008| Economy | Comments (0) @ 19:54

Here’s the Kicker– Wilson’s An Agnostic

A delightfully whimsical faux hedge fund manager was arrested by the FBI yesterday on allegations that his hedge fund is actually a pyramid scheme. According to an affidavit, Stefan Andre Wilson’s enterprise, known at one time or another as the Christians in Crisis Investment Fund, Opus Capital Holdings, and—our personal favorite—Shake the Nations, raised $9 million on the promise of 24% annual returns. Wilson lost $5.1 million, used $1.1 million for personal expenses (inflatable Virgin Mary dolls). Among the items seized by the FBI thus far are a 2007 Porsche Cayman and a Sea Ray “pleasure boat.”
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3 March, 2008| Economy | Comments (0) @ 19:44

Pauslon: Economy to Grow, “Albeit More Slowly”

Treasury Secretary Henry Paulson said that despite continued risks to the downside for the U.S. economy, he believes the economy will grow this year, “albeit more slowly.” In a Monday interview with Bloomberg Television, Mr. Paulson pointed to the economic stimulus package enacted by the government last month, which will result in tax repayments going to U.S. consumers beginning in May.

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3 March, 2008| Economy | Comments (0) @ 19:44

Time to Dump Your Internal Server?

Today comes another incentive for small businesses to dump their internal computer servers. Microsoft will join Google and others when it launches online services to handle email, calendars, contact lists, video conferencing and other functions aimed at small and midsize firms.
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3 March, 2008| Economy | Comments (0) @ 19:39

The Bubblephobes

Robert Shiller writes in yesterday’s NYT about the collective failure to see the housing bubble. Obviously, some folks will insist that they saw everything coming, and it was perfectly predictable.

One of the problems I have with this idea, and I’ve mention this before with Shiller’s other work, is the curious idea that a bubble is somehow a problem that needs to be fixed.
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3 March, 2008| Economy | Comments (0) @ 19:32

#Links

Prince of Wall Street says: Munis Should Form Cooperative Entity to Self-Insure
Can Municipalities Wrap Themselves?
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3 March, 2008| Economy | Comments (0) @ 19:30

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